During the current fiscal year, the Palm Springs government recorded a $16,200 transfer from the General Fund to an internal service fund, a $26,400 transfer from the General Fund to an enterprise fund, a $6,300 transfer from an enterprise fund to an internal service fund, and a $11,800 transfer from an enterprise fund to the General Fund. In the Business-type Activities column of the government-wide financial statements, Palm Springs should report Multiple Choice Net transfers out of $11,800. Net transfers in of $32,700. Net transfers out of $5,500. Net transfers in of $8,300.

During the current fiscal year, the Palm Springs government recorded a $16,200 transfer from the General Fund to an internal service fund, a $26,400 transfer from the General Fund to an enterprise fund, a $6,300 transfer from an enterprise fund to an internal service fund, and a $11,800 transfer from an enterprise fund to the General Fund. In the Business-type Activities column of the government-wide financial statements, Palm Springs should report Multiple Choice Net transfers out of $11,800. Net transfers in of $32,700. Net transfers out of $5,500. Net transfers in of $8,300.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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